Robert Kiyosaki, the author of the best-selling personal finance book 'Rich Dad, Poor Dad', has admitted to being in debt to the tune of $1.2 billion. The entrepreneur, known for his advice on wealth-building and financial management, made this claim during a recent Instagram reel and on the "Disruptors" podcast.

Kiyosaki, who has sold over 40 million copies of his 1997 book, discussed his unique approach to debt and finance. He distinguishes between 'good debt' and 'bad debt', arguing that the former can be a tool for generating wealth. This includes loans for acquiring income-generating assets. Conversely, he considers luxury items such as Ferraris and Rolls Royces, which he owns but are fully paid off, as liabilities rather than assets.

In his social media post, Kiyosaki elaborated on his financial strategy, which involves a sceptical view of saving cash. He referenced the US dollar's detachment from the gold standard in 1971 during President Richard Nixon's tenure, implying a preference for investing in gold and silver over traditional cash savings.

His bold statement, "If I go bust, the bank goes bust. Not my problem," reflects a controversial stance on his substantial debt. This remark was reiterated during his podcast appearance, where he expressed his view of debt as money.